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6.5% 1, 012.81 Standard Life Bank 6.6% 1, 022.20 Bank of Scotland
Mortgages 6.8% 1, 041.11 Cheshire Building Society 7.1% 1, 069.76
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Only Finance.com - Remortgagers should think before they
switch
Mortgages News - Remortgagers should think before they switch,
Remortgaging has become so popular of late that the average life of
a mortgage is now only three and a half years, reported a spokesman
for mortgage adviser Charcol
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Mortgages - Remortgagers should think before they switch -
06/12/2007
Remortgaging has become so popular of late that the average life of
a mortgage is now only three and a half years, reported a spokesman
for mortgage adviser Charcol.
The Council of Mortgage Lenders reported that for November,
remortgaging deals totalled 11.1 billion, higher than August
and September of last year. Before a homeowner decides to make the
switch however, he or she should always consider whether
transferring with the existing lender may be more profitable. "The
most important thing is to make sure the new mortgage you take out
is affordable, " said Ray Boulger, senior technical manager for
John Charcol.
"Some lenders, for example, offer the same product to their
existing customers as they would to their new customers whereas
others offer retention products, which essentially is a euphemism
for less good products, " he said.
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Only Finance.com - Firstrung Build more key worker homes
Mortgages News - Firstrung: Build more key worker homes. House
prices - and, consequently, mortgages - will remain extremely
expensive if a huge government home-building programme is not
embarked
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Latest News 18/04/2008 - Banks To Investigate Before
Lending Money . . As secured loans grew by 7.4 billion and
consumer... Read More 17/04/2008 - Brown Urges Banks To
Disclose Bad Debts . . The size of debts from poor quality home
loans...
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News 17/04/2008 - First Time Buyers Forced Out Of Housing Market .
. Despite the ongoing credit crunch house prices are
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Read More 16/04/2008 - Bank Of Mum And Dad Helps Kids Get
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News RSS Feed THINK CAREFULLY BEFORE SECURING OTHER DEBTS
AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP
UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON
IT.
Only Finance.com - Banks To Investigate Before Lending
Money
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Loans - Banks To Investigate Before Lending Money -
18/04/2008
As
secured loans grew by 7.4 billion and consumer
credit lending also rose by 2.4 billion, according to figures
released by Action Credit in February, Banks will now apply
toughermeans to tighten lending.
A report by Equifax said banks can not stop lending because they
depend on it for profit and survival. But they will be more
cautious of those they lend to. Equifax external affairs director,
Neil Munroe argued they are unlikely to stop lending. They will,
however, tighten the criteria for giving loans to people. hey will
continue to lend money, but will just be a little more
investigative when an application is being made, he explained,
adding that this is to make sure that it is the right person who is
going to repay them.
This move could lead to a lower level of borrowing, as prospective
borrowers could be forced to take on the responsibility themselves,
warned Mr Munroe. He said that it all depended on the individual
and the circumstances, as some may be compelled to accept more
expensive loans in the absence of an alternative. He further warned
that people rejected by main banks would resort to taking out loans
from the next tier of lenders.
Meanwhile, the Bank of England is considering a plan to ease the
credit crisis by allowing banks to swap their
mortgage based assets for government bonds. This
will allow the banks to offer new mortgage loans to borrowers.
Although the central bank would not comment on this issue, it has
been widely reported in the media that government sources said a
deal to help liquidity is nearly sealed.
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Only Finance.com - EU Parliament promote competiton
Latest loans news - The European Parliament is planning new
rules to promote lending competition.
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Loans - EU Parliament promote competiton - 22/01/2008
The European Parliament voted this week to adopt new rules aimed at
introducing more competition into the field of consumer credit in
the hope of reducing the cost of personal loans.
The new measures will affect 490 million citizens taking out
personal loans worth between 200 and 75, 000
Euros, and currently have the backing of the EU member states, who,
together with the European lawmakers, have equal say in the matter.
The move means that prospective financial borrowers will have
access to standardised information regarding personal loans,
enabling them to compare what is available on the market with more
ease. The aim of the new rules is to try and promote competitive
borrowing within the market and therefore reduce annual rates of
interest.
The measures, approved by 695 votes to 7 also mean that, for the
first time in many EU states, borrowers would have the right to
draw back from a loan within the first 14 days as well as being
able to repay the loan early if they so wished.
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